Home > Blogs > Tim Lorenz > An Insider's Look at Real Estate

OOPS No Takers On Huntington Beach's First Green Home

By Tim Lorenz

Real Estate Agent with TIM LORENZ - Elite Home Sales Team DRE# 00919781

November 13, 2011 06:58 AM

Today the Orange County Register is reporting that there are no takers on Huntington Beach's first green home, oops. The home was built and came on the market as a short sale and was foreclosed on before a sale could be secured.

The home came on the market back in January of 2010 at $1.69 million came off the market at $999,000. When the bank got the home they dropped the price by more than $100,000 and is now listed at $885,240. It is a three story home attracted a lot of attention.

This is another example that just because you build it and call it green it is not enough to sell the home. Its costs were higher than other forms of construction. Everyone involved in this project lost big. I am in favor of new technology but it has to make sense to the buyers.

Re-Blog

Comments(22)

Comment

Show All Comments

Sort:

Not a real person

San Diego, CA

We have a unique home down here that has been in many movies and television programs and commecials. It has all the latest and greatest of everything you can put in a home. It was foreclosed and the bank is trying to sell it at auction. They want something like $17 million for it, about half price of what it sold for several years ago. The highest anyone has offered is about $14 million.

Nov 14, 2011 02:49 PM

Rebecca Gaujot, Realtor®

Lewisburg, WV

Lewisburg WV, the go to agent for all real estate

Tim, going gree means you have to have the green....money that is :)

Nov 14, 2011 04:21 PM

Pam Hills

Innovative Artistry - Kendall, FL

ASP/IAHSP- Stager Miami, FL, Creative Minds Innovatively At Work

Dear Tim - Wow, that is a shame... We do need to focus on preserving our environment, but with the stakes so high?? How are people to afford.... Hopefully we won't be our own demise, & wipe out our resources before we can "afford" to be green with our homes, or "green" with other items such as energy & transportation.... :-/

Nov 15, 2011 02:01 AM

Tim Lorenz

TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA

949 874-2247

Russell

It is a difficult time for those super expensive homes.

Nov 15, 2011 02:06 AM

Rebecca

So going green to you means paying a lot more for the home.

Nov 15, 2011 02:07 AM

Pam

It has to make sense and then it will be in the will of the people.

Nov 15, 2011 02:08 AM

Brett Reichel

Homebridge Financial Services - Rancho Cucamonga, CA

MLO 210215

This has been happening forever - I remember passive solar homes from the early 80's that had the same types of issues. I'm all for green, but it has to make sense financially as well. Thanks for the post.

Nov 15, 2011 06:45 AM

Brett

It is as if there is no history and we can do what failed before. Crazy!

Nov 15, 2011 08:56 AM

Elite Home Sales Team

Elite Home Sales Team OC - Corona del Mar, CA

A Tenacious and Skilled Real Estate Team

This green issue is something we all wish to participate in. However, we do not want the price to be out of this world.

Nov 15, 2011 06:41 PM

Mark

That is how I see it. It has to make sense not break the bank.

Nov 16, 2011 06:55 AM

Susan Neal

RE/MAX Gold, Fair Oaks - Fair Oaks, CA

Fair Oaks CA & Sacramento Area Real Estate Broker

Hi Tim - I wonder if the sellers had an energy audit done, or otherwise could show potential buyers what they would be saving in heating and cooling over a similar house that wasn't green. An energy audit can be a powerful sales tool.

Nov 17, 2011 09:04 AM

Not sure but if they did all the best techniques in the world will not overcome a home that is $800,000 over priced. It may be over $900,000 over priced.

Nov 17, 2011 09:51 AM

Sharon Paxson

Sharon Paxson, Realtor® EQTY Forbes Global Properties - Newport Beach, CA

Newport Beach Real Estate

Hi Tim - I too am in favor of going green, however if the construction costs were off the chart, no one is going to buy it. It still has to be in alignment with the market.

Nov 18, 2011 04:08 AM

Sharon

Something is very wrong with this home or it would have sold by now.

Nov 18, 2011 07:00 AM

Teral McDowell

Referral Patners LLC - Murphy, TX

Good point, Tim, if the cost exceeds the value there's not much incentive to purchase. Happens with any home not just green ones.

Nov 20, 2011 08:18 AM

Teral

All to true it happens unsuccessfully everyday.

Nov 20, 2011 09:35 AM

Marge Piwowarski

Phoenix AZ Horse Property - Phoenix, AZ

Phoenix AZ Horse Property, LLC

Too bad, we need to get green a bit more affordable!

Nov 21, 2011 05:44 PM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

TIm

Same thing happened here. This fabulous home was built totally green, including being built in behind another house to maximize use of the property. It was Alameda's first green house. Pricey, but lovely. Several price reductions, and still no buyer. The sellers gave up and are now simply renting it out.

Nov 22, 2011 04:26 AM

Marge

It is just not as easy as one would think.

Nov 22, 2011 07:06 AM

Pacita

It is sad that in a down market we think new tech will get us out. It cannot. People in a down market are looking to survive and get out of thisr problems.

Nov 22, 2011 07:08 AM

OOPS No Takers On Huntington Beach's First Green Home

Comments(22)

Tim Lorenz

Service Areas

Real Estate Resources

Additional Information